Fintech's future lies in good customer habits, not just lending, says Fatak Pay's Abhishek Gandhi

Abhishek Gandhi of Fatak Pay says the way forward for fintech will be decided not just by bringing new financial products, but by building good financial habits among people. According to him, it is no longer right to say that India is underserved when it comes to fintech products and services.

Within the fintech ecosystem, payments and lending can generate a large share of the industry's revenue. UPI had 55.49 crore users as of June 2026 and has transformed India's payments ecosystem. Digital lending has grown from Rs 0.15 lakh crore to Rs 2.2 lakh crore in the past five years.

Gandhi says he has seen the engagement between fintech companies and their customers deepen. This gives a unique opportunity to improve customers' ability to make financial decisions and their long-term financial resilience. In his view, the hardest task now is helping people develop the habit of borrowing responsibly.

India's relationship with formal finance is getting stronger. The share of customers taking formal credit was 35% in March 2017 and rose to 74% in March 2026. The share of credit-active customers has doubled from 11% to 28%. This signals deeper engagement with formal finance, but greater convenience also brings greater responsibility. That matters especially because young customers are entering the formal credit ecosystem.

A recent TransUnion CIBIL report found that, as of March 2026, 50% of new credit card customers were aged 30 or below, while 46% came from semi-urban and rural markets. Gandhi has himself watched people get their first loans for many years. He says he learnt that access is the easy part. Many new customers do not know the difference between an EMI and the total amount to be repaid. They need clear information on how such products fit into their financial lives.

Borrowers need to understand why they are borrowing, what the responsibility of repayment involves and whether the product suits their circumstances. Likewise, payment platforms should go beyond simply making transactions easy and help customers become more aware of their spending patterns.

According to Gandhi, the availability of credit is very important in a market like India. Even so, as the financial ecosystem matures, fintech will have to use technology in a way that makes financial decisions easier to understand. Adding one more feature to an app often means clearer information on costs, repayment schedules, eligibility and responsibilities. The aim should be to make financial choices simple, transparent and informed.

He says fintech should stop borrowers from taking and using credit carelessly. A customer getting a product does not mean it is helping their financial well-being. Such services are not free, he says, and that is understood. When a customer is asked to borrow less, that is money the firm has not earned that day. But a customer who repays comfortably returns for credit, while one who does not repay does not return. Fintech companies therefore have to make financial participation meaningful and sustainable.

According to Gandhi, the people around whom fintech revolves must be placed above technology. Products, platforms and solutions should meet customers' needs in a way that benefits them. The future of fintech will rest on building better financial experiences rather than just products.

Companies following these principles can go beyond being transaction platforms and become long-term financial partners. With the trio of UPI, India Stack and JAM (Jan Dhan-Aadhaar-Mobile), India has shown how technology can change access to financial services. The next opportunity is to use the same innovation to change financial behaviour and confidence.

Gandhi suggests that success should not be measured only by users, transactions or distribution. It should also be judged by the kind of relationships being built, how much trust is being earned and which healthy financial habits are being strengthened.